Plot Loan

Plot loan is extended for purchase of a residential plot (piece of land). The amount of loan is decided by bank on the basis of your income and the purchase value of the plot. The plot to be purchased should legally and technically be acceptable for the purpose of creating a mortgage.

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Features of Plot Loan

All loans are not created equal, home loan has become a great option for people to use.

Loan Term

The maximum term of your plot loan can be up to 20 years and it cannot extend beyond your retirement age or 60* years (whichever is earlier).

Loan Amount

You can avail plot loan up to 80% of the value of the plot. The actual loan amount is determined after assessing the requirement and your repayment capacity.

Interest Rate & charges

Your home loan interest rate starts from 10.5%* p.a.

Home Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies is eligible for a Plot loan.

Age

Age: (Min-Max) 24 – 60 years

Co-applicant

Co-applicant: Not mandatory – but should be family members

Credit Rating

Applicant should have the bank specified credit score of 750 or above.

Frequently Ask Questions

It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant.A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner.Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.

Market value is the fair value of the property that you propose to mortgage with us as security against the home loan you avail of. Our specialized team calculates this value based on the prevailing market conditions and trends.

An under construction property is one which is in the process of being built up. When you book a property in such ‘under construction’ property, you will gain possession at a future date.

Security of the home loan would generally be mortgage of the property that is financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Your home loan makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

PAN card (Mandatory, if income is considered for loan eligibility calculation)
Valid Passport
Voter ID card
Driving license
Aadhar Card

Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.
Ration card
Letter from employer
Bank statement /copy of Pass book reflecting address
Valid Rent Agreement
Sale Deed

Salary slips for the last 2 months or salary certificate*
Cash Salary – Income details on Company Letterhead
Copy of bank statements for the past 3 months (salary account)

Certificate of qualification for professionals : CA, Doctors or Architects
Copy of last two years’ income tax returns, along with computation of income
Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable.
VAT or Service Tax returns or TDS Certificate
Bank statement for the last 6 months (Savings account, current account and O/D account)

Copy of your last two years’ income tax returns, along with computation of income
Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable
VAT or Service Tax returns or TDS Certificate
Bank statement for the last 6 months (Savings account, current account or an O/D account)

Allotment letter from builder
Agreement of Sale
Registration and stamp duty receipt
Index- ii
NOC from builder
Own Contribution Receipt (OCR )
All builder linked documents
Development Agreement
Tripartite Agreement
Partnership Deed
Sale Deed
Title Search Report
NA order

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